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I AGREE
07 Mar 2011
$1.0 billion of new notes rated
New York, March 07, 2011 -- Moody's Investors Service assigned a B2 rating to the planned offering
by American Airlines, Inc. ("American") of $1.0
billion of first lien senior secured notes due 2016 secured by certain
of American's route authorities, airport landing and take-off
slots, and rights to use or occupy space in airport terminals.
We expect the proceeds to be used for general corporate purposes,
mainly the refinancing of some of the $2.5 billion of 2011's
debt maturities. AMR Corporation will guarantee, on an unsecured
basis, American's obligations under the indenture.
Assignments:
..Issuer: American Airlines, Inc.
....Senior Secured Regular Bond/Debenture,
Assigned a range of 25 - LGD2 to B2
Loss Given Default Assessments:
..Issuer: American Airlines, Inc.
....Senior Secured Regular Bond/Debenture,
Downgraded to a range of LGD2, 24 % to LGD2, 25 %
from a range of LGD2, 23 % to LGD2, 24 %
....Senior Secured Regular Bond/Debenture,
Downgraded to a range of LGD2, 24 % to LGD2, 25 %
from a range of LGD2, 23 % to LGD2, 24 %
..Issuer: Chicago O'Hare International Airport,
IL
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
..Issuer: Dallas-Fort Worth Intl. Airp.
Fac. Imp. Corp.
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
....Senior Secured Revenue Bonds, Downgraded
to LGD5, 79% from LGD5, 78%
..Issuer: Dallas-Fort Worth TX, Regional
Airport
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
..Issuer: New Jersey Economic Development Authority
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
..Issuer: Puerto Rico Ind Med&Env Poll Ctl Fac
Fin Auth
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
..Issuer: Raleigh-Durham Airport Authority,
NC
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
..Issuer: Tulsa OK, Municipal Airport Trust
(Ttees of)
....Revenue Bonds , Downgraded to LGD5,
79% from LGD5, 78%
RATINGS RATIONALE
The last rating action was on January 20, 2011 when Moody's assigned
ratings to the company's 2011-1 Series of Enhanced Equipment
Trust Certificates.
The principal methodologies used in this rating were Global Passenger
Airlines published in March 2009, and Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
American Airlines, Inc. and its parent AMR Corporation are
based in Fort Worth, Texas.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's Investors
Service information, and confidential and proprietary Moody's
Analytics information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
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Please see ratings tab on the issuer/entity page on Moodys.com
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The date on which some Credit Ratings were first released goes back to
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Please see the ratings disclosure page on our website www.moodys.com
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Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
New York
Jonathan Root
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Michael J. Mulvaney
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's rates American Airlines' secured notes at B2
No Related Data.
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